In my past idea I believed that the support level would hold, as the price now broke through the support, I now believe that the price will fall further.
Hi guys, The GBPSEK broke out of daily structure. I am expecting a corrective move up on the 60 so watch for a buy set up. The next daily confirmation I am expecting to be upside. Thank you for your support.
Head and shoulders pattern seems to be forming, if this pattern is completed, we'll most likely see a decline.
GBP has turned the corner..bottoming process across the board
There is a 3 bar reversal pattern in the monthly chart with oversold stochastics. For long term traders look to buy after the close of this month IF and ONLY IF November candlestick closes as a B ull bar . weekly chart is pretty strong too, look to buy with any correction in the 4 Hour chart. for day traders, trick is to buy only after a candlestick closes...
FX_IDC:GBPSEK "Small" Shark between the tops... Safe Trades; Ruby - open.spotify.com
I view this as a good bottom fishing opportunity. This also coincides with my bullish dollar/short Swedish Krona thesis. I am bullish pounds as well for the time being (as long as GBPUSD holds above 1.4000).
Stop loss based on the nice piece of structure before the start of the pattern. EMA and MA also signify a further move to the downside which will hopefully form the bat pattern. Very good risk/reward on this one.
You will notice volume thinning as we see support at the bottom.